RBI is in discussions with several countries including Indonesia, the United Arab Emirates and Mauritius to establish a direct payment link of the Unified Payments Interface (UPI) to the networks of these countries for faster and cheaper fund transfers using mobile devices Telephone.
Updated February 24, 2023 | 10:11 AM
After Singapore, UPI in India may expand to UAE, Mauritius, Indonesia
Other Latin American countries have also expressed interest, a senior RBI official told reporters on the sidelines of a meeting of G20 finance ministers and central bank governors, TOI reported.
To facilitate cash transfers, eliminate high fees charged by banks and reduce processing times, regulators and governments rushed to extend UPI payment limits. The Indian diaspora is thought to have benefited particularly from the decision.
According to an RBI representative, non-resident Indians will also start using UPI next month, allowing them to access the tool through international phone numbers.
Although enabled, the tool was not available due to technical difficulties.
Asked about the central bank’s digital currency, RBI officials said they were working on significantly scaling up the pilot to cover as many scenarios as possible in a closed user base.
The RBI is now trying to expand to other locations and include more banks on the retail side, with trials already underway in a number of cities.